Current account posts $1.07bn surplus in March

April 16, 2026 (MLN): Pakistan recorded a current account surplus of $1.07bn in March 2026, according to the latest data released by the State Bank of Pakistan (SBP). This compares with a surplus of $1.28bn in March 2025, a decline of 16.1% year-on-year.

On a monthly basis, the surplus widened significantly from $231m recorded in February 2026.

On a cumulative basis, the current account posted a surplus of $8m in 9MFY26, compared with a surplus of $1.674bn in 9MFY25.

During March, exports of goods stood at $2.53bn, down 8.4% compared with $2.76bn in the same month last year. However, on a monthly basis, exports rose from $2.48bn recorded in February.

Imports of goods came in at $4.90bn, down 0.7% year-on-year from $4.94bn, and also declined from $5.17bn in the previous month.

As a result, the trade deficit in goods widened 9.0% year-on-year to $2.38bn, compared with $2.18bn in March 2025, though it narrowed from $2.69bn in February.

Exports of services rose 16.2% year-on-year to $903m in March, compared with $777m in the same month last year, and also increased from $800m in February. Imports of services were largely flat at $926m versus $897m a year ago.

The deficit on trade in services narrowed sharply to $23m from $120m in March 2025.

Overall, the balance on trade in goods and services widened marginally to a deficit of $2.40bn, compared with $2.30bn in March 2025, though it improved from $2.81bn in February 2026.

Workers' remittances declined 5.5% year-on-year to $3.83bn in March, compared with $4.05bn in March 2025. On a monthly basis, however, remittances surged from $3.29bn recorded in February.

Pakistan’s external sector has continued to strengthen, recording its third consecutive monthly current account surplus in 2026. The trend shows steady improvement in external balances over the early months of the year.

 This is one of the highest monthly surpluses on record, according to Khurram Schehzad on his X post.

The March figure is particularly notable as it ranks as the second-highest ever, only behind March 2025, which recorded $1.2 billion. This reflects a sharp and sustained turnaround in external account performance.

This improvement comes despite ongoing global energy price pressures, highlighting resilience in Pakistan’s external sector. The broader picture suggests strengthening stability in the balance of payments, supported by sustained inflows and improving external account dynamics. 

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